While the relationship between outreach and financial performance (CFP) of microfinance institutions (MFIs) is increasingly well researched, next to nothing is known about the relationship between broader measure of corporate social responsibility (CSR) of MFIs and their CFP. In light of the...

We examine the impact on firm performance of independent directors as a minority group. We find that, when there are only one or two independent directors, firm performance suffers, while with three or more independent directors it improves. We use the changes in independent director composition...

In China, firms within a business group may be able to access funds provided by a parent-owned finance company within the business group. We provide direct evidence of ‘tunneling': where the parent of the business group requires member firms to increase their cash holdings through deposits in...